Invent Medic Sweden (IMS) Q2 2024 earnings summary

Executive summary

• Efemia Bladder Support sales grew over 40% in H1 2024 year-over-year, with strong momentum across key markets and no signs of slowdown.

• Focused on healthcare channel sales, expanded distribution in Denmark and Hungary, and achieved full regional procurement in Sweden.

• FlowCup shifted focus to NGO market due to declining e-commerce profitability, resulting in lower sales but improved overall profitability from Efemia growth.

• UriCap introduced in Sweden, with ongoing evaluations in several regions.

Financial highlights

• Q2 2024 net revenue: 1,952 KSEK (down from 2,130 KSEK in Q2 2023); H1 2024 net revenue: 3,807 KSEK (up from 3,786 KSEK in H1 2023).

• Q2 2024 pre-tax loss: -1,665 KSEK (improved from -1,968 KSEK in Q2 2023); H1 2024 pre-tax loss: -3,591 KSEK (improved from -4,087 KSEK in H1 2023).

• Q2 2024 EPS: -0.04 SEK (vs. -0.06 SEK in Q2 2023); H1 2024 EPS: -0.08 SEK (vs. -0.12 SEK in H1 2023).

• Cash at June 30: 1,217 KSEK (down from 2,024 KSEK a year earlier).

• Q2 2024 operating expenses: -3,477 KSEK (vs. -4,081 KSEK in Q2 2023); H1 2024: -7,114 KSEK (vs. -7,805 KSEK in H1 2023).

Outlook and guidance

• Management expects the positive sales trend for Efemia Bladder Support to continue, with ongoing expansion in Europe and new distributor agreements.

• Additional capital is needed before reaching cash flow positivity; discussions with stakeholders are ongoing.